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Top 5 estate planning mistakes

On Behalf of | Apr 3, 2023 | Estate Planning |

Estate planning is an essential step to take in life toward securing your family’s future. A thorough estate plan guarantees that there will be minimal confusion and conflict regarding your assets when you pass away.

Finalizing your comprehensive estate plan can entail certain challenges, meaning that you need to prepare yourself to overcome some of the top estate planning mistakes that many people make when drafting their end-of-life plans.

1. Not writing a will

You might think that your assets will go to your spouse or that you can manage your entire state with a revocable trust. Inheritance without an estate plan is not simple, though, and there are certain things that only a will can accomplish.

2. Excluding your family from the process

Your estate plan ultimately serves to benefit your family and ensure a smooth transition for them after your passing. It is important to discuss your estate plan with them, especially when it comes time to name an executor for your estate.

3. Not including a power of attorney or medical directive

Your estate plan can do more than just outline the distribution of your assets after death. Including a power of attorney and medical directive ensures that your financial and medical matters will proceed according to your intentions even if you become incapacitated or unable to voice your own desires.

4. Not naming a guardian for your minor children

If you have children under the age of 18, it is crucial that you name a guardian that can provide a loving home for them if the worst should happen to you.

5. Forgetting to update your estate plan

Your personal circumstances are likely to change frequently throughout life, so it is necessary to revisit your estate plan after certain milestones and make sure that everything is up-to-date.

Creating an estate plan is not the most pleasant of tasks, but giving your documents a thorough second look can ensure that your plans are free from some of the most commonly emerging mistakes.